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Brazil, Russia, India, China and South Africa will join efforts to have a specific development bank for the group of BRICS – formed by five countries. A working group formed by technicians from five nations will conduct the studies to organize and put together the financial institution. However, before consolidation, the group will internally negotiate with local currencies.
The decisions were set yesterday in a joint statement signed by the President Dilma Rousseff and by the Presidents Dmitri Medvedev (Russia), Hu Jintao (China) and Jacob Zuma (South Africa), in addition to the Prime Minister of India, Manmohan Singh, at the closing of the 4th Summit of the BRICS, in New Delhi, India. The President stated that the creation of the bank is a “positive indication”. According to her, the BRICS countries indicate that it is possible to grow economically by creating jobs and distributing income. She praised the joint initiative to adopt local currencies on the internal negotiations of the group. “The BRICS [countries] are a dynamic element in the international trade,” she concluded.
The proposal to create a development bank of BRICS was presented by the Indian prime minister. The idea is that the new institution is to become a kind of alternative to the World Bank and for the International Monetary Fund (IMF). The details will be set by the working group that will organize its creation. For the Brazilian negotiators, the process of a bank creation will occur over the long term, as it will be necessary to define a number of aspects such as reference terms, the body structure and how the capital will be paid up, along with the practices of bilateral and multilateral trading.

BRICS study group creation to organize a development bank

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